THETA Technical Analysis: Trapped Momentum Caps, Teases Breakout

THETA coin price fails to surpass the selling pressure at the resistance trendline resulting in a retracement to the $2.5 mark for the fifth time in 2022. Key technical points: THETA price retests the $2.56 level. The downtrend continues under the bearish trendline influence. The 24-hour trading volume of Theta Network is $122 Million, marking a 30% rise. Past Performance of THETA THETA coin price has been trending lower under the highly influential resistance trendline resulting in the downfall of 70% from the inception. Furthermore, the 50-day EMA moves along with the resistance trendline, crushing multiple bullish attempts in the last few months. The price action fills the descending triangle pattern and hints of a breakout shortly. Source-Tradingview THETA Technical Analysis THETA coin price continues to trend lower as it approaches the $2.56 support level. Moreover, the rising selling pressure evident by the higher price rejection hints of a bearish fallout that could break $2 to reach the $1.75 mark. The constant rejection from the 50-day EMA after the death cross promotes the lower high formation with the increasing possibility of $2.56 fallout. However, on the opposite end, the breakout of 50-day EMA could initiate a price jump to the 200-day EMA accounting for a 40% jump. RSI Indicator: The RSI slope continues a slightly bearish but falt trend near the 50% line with the zig-zag moving 14-day SMA. Hence, the indicator ...